CAMBRIDGE, Mass.–(BUSINESS WIRE)–#assetbasedlending—Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced that its Asset-Based Lending team provided a $9 million revolving line of credit to Auto Advance, LLC — an auto finance and loan company located in Wayland, Massachusetts. The working capital supports its plans for expansion following the transition of ownership to the company’s President and CEO, Jorge Vinha, who is now also the majority shareholder.
Auto Advance focuses on working with potentially underserved communities by providing automobile financing through dealerships to borrowers who generally may not be eligible for mainstream auto financing. Auto Advance looks beyond credit scores in their underwriting by analyzing data through an efficient loan application process.
After buying out his partner, Vinha needed a financial institution to support the company’s growth initiatives. With the average price of used cars up around 30% this year, Auto Advance was seeking an inclusive banking partner that would increase their ability to offer larger financing solutions to its clients. After assessing the company’s business needs, CSB created a custom lending solution that provided Auto Advance the liquidity it needed to remain well positioned to keep pace with the rise in used car prices.
“What has impressed me the most about Cambridge Savings Bank is the personal approach they used to help us meet our business goals,” said Vinha. “Keith, Yvonne and their team were involved, attentive and resourceful through every step of the growth financing process. I am thankful for their help in expanding our business, therefore allowing us to offer automotive loan support to countless individuals in our community.”
Originally from Brazil, Vinha came to America in 1991 where he has spent the past 30 years building a career in entrepreneurship. Prior to the automotive industry, Vinha opened a wholesale bakery distribution business, and served as a wholesaler of artisanal bagels; until ultimately selling both companies to focus on Auto Advance in 2019. In the company’s next phase of growth, Vinha will pursue new dealership relationships to build up Auto Advance’s customer base.
“It is clear Jorge’s relationship-centric approach to managing the business will play a key role in the company’s impending growth,” said Yvonne Kizner, Senior Vice President of Asset-Based Lending at CSB. “Working with him and the Auto Advance team to offer auto loans to borrowers in underserved areas is a goal we are honored to help bring to fruition. CSB truly loves working with businesses that address the needs of the communities we serve and will continue to show up to support them.”
CSB’s commercial division is focused on serving the needs of their local communities and businesses, offering a full suite of Corporate Banking and Lending, Commercial Real Estate Lending, Treasury Management and Trade Services solutions. Cambridge Savings Bank is the bank you can trust to provide customized services to meet your business needs. To learn more about CSB’s custom solutions for commercial entities, please contact Keith Broyles, Senior Vice President, Head of Asset-Based Lending, at email@example.com or Yvonne Kizner, Senior Vice President, Senior Asset-Based Lending Officer at firstname.lastname@example.org.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. To learn more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC.
About Auto Advance LLC
Auto Advance LLC is a car finance and loan company located in Wayland, Massachusetts with over 10 years of experience assisting customers with fast application and credit decisions. Auto Advance enables access to competitive credit rates with a fast and easy loan application that is tailored to each customer by going beyond credit score to provide an individual analysis for unique success cases. They work to maintain a high satisfaction rate before, during, and after the loan process. For more information visit: autoadvancellc.com.